Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I want detailed explanations and the answer for this question. Thank you!! 19. A company's accounts payable is used only for the purchase of inventory,

image text in transcribed
I want detailed explanations and the answer for this question.
Thank you!!
19. A company's accounts payable is used only for the purchase of inventory, and all inventory is purchased on account. At the beginning of the year, the balance in Inventory was $25,000, and in Accounts Payable was $10,000. At the end of the year, the balance in Inventory was $32,000 and in Accounts Payable was $7,000. The company's income statement reported Cost of goods sold expense of $105,000 for the year. How much cash was paid to suppliers on account? a) $112,000 b) $115,000 c) $98,000 d) None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

How does the concept of hegemony relate to culture?

Answered: 1 week ago